Boyd Gaming (NYSE:BYD) Releases Quarterly Earnings Results, Beats Estimates By $0.10 EPS

Boyd Gaming (NYSE:BYD – Get Rating) posted its quarterly earnings data on Tuesday. The company reported $1.48 EPS for the quarter, beating the consensus estimate of $1.38 by $0.10, Fidelity Earnings reports. Boyd Gaming had a return on equity of 40.74% and a net margin of 16.03%. During the same period in the prior year, the business earned $1.54 EPS.

Boyd Gaming Stock Down 2.7 %

Shares of BYD traded down $1.51 during mid-day trading on Thursday, hitting $54.13. The company’s stock had a trading volume of 7,773 shares, compared to its average volume of 862,583. Boyd Gaming has a 52-week low of $47.66 and a 52-week high of $72.72. The company’s 50-day moving average is $53.82 and its 200-day moving average is $60.18. The company has a current ratio of 0.99, a quick ratio of 0.96 and a debt-to-equity ratio of 1.93. The firm has a market capitalization of $5.93 billion, a price-to-earnings ratio of 11.24 and a beta of 1.90.

Boyd Gaming Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, July 15th. Stockholders of record on Thursday, June 30th were given a $0.15 dividend. The ex-dividend date was Wednesday, June 29th. This represents a $0.60 annualized dividend and a dividend yield of 1.11%. Boyd Gaming’s payout ratio is presently 12.12%.

Insider Activity at Boyd Gaming

In other Boyd Gaming news, CEO Keith Smith sold 101,675 shares of the company’s stock in a transaction that occurred on Monday, June 6th. The shares were sold at an average price of $59.85, for a total transaction of $6,085,248.75. Following the transaction, the chief executive officer now owns 1,261,362 shares in the company, valued at approximately $75,492,515.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Boyd Gaming news, VP William R. Boyd sold 70,000 shares of the stock in a transaction on Thursday, June 2nd. The shares were sold at an average price of $59.25, for a total transaction of $4,147,500.00. Following the transaction, the vice president now directly owns 1,986,522 shares of the company’s stock, valued at $117,701,428.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Keith Smith sold 101,675 shares of the firm’s stock in a transaction dated Monday, June 6th. The stock was sold at an average price of $59.85, for a total transaction of $6,085,248.75. Following the completion of the transaction, the chief executive officer now directly owns 1,261,362 shares in the company, valued at $75,492,515.70. The disclosure for this sale can be found here. Insiders sold 256,365 shares of company stock valued at $14,862,264 over the last 90 days. Insiders own 27.94% of the company’s stock.

Institutional Investors Weigh In On Boyd Gaming

A number of institutional investors have recently made changes to their positions in the stock. Ariel Investments LLC lifted its position in shares of Boyd Gaming by 63.4% during the 1st quarter. Ariel Investments LLC now owns 2,629,438 shares of the company’s stock worth $172,965,000 after buying an additional 1,020,515 shares during the last quarter. Invesco Ltd. grew its stake in shares of Boyd Gaming by 45.2% during the 1st quarter. Invesco Ltd. now owns 2,382,418 shares of the company’s stock worth $156,715,000 after purchasing an additional 741,156 shares during the period. Vanguard Group Inc. grew its stake in Boyd Gaming by 4.1% in the 1st quarter. Vanguard Group Inc. now owns 9,030,684 shares of the company’s stock valued at $594,039,000 after acquiring an additional 359,698 shares during the last quarter. Renaissance Technologies LLC grew its stake in Boyd Gaming by 3,163.1% in the 1st quarter. Renaissance Technologies LLC now owns 212,100 shares of the company’s stock valued at $13,952,000 after acquiring an additional 205,600 shares during the last quarter. Finally, BlackRock Inc. grew its stake in Boyd Gaming by 2.1% in the 1st quarter. BlackRock Inc. now owns 7,025,507 shares of the company’s stock valued at $462,137,000 after acquiring an additional 143,418 shares during the last quarter. 70.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Berenberg Bank began coverage on shares of Boyd Gaming in a report on Thursday, May 12th. They set a “buy” rating and a $78.00 target price for the company. Morgan Stanley downgraded shares of Boyd Gaming from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $82.00 to $76.00 in a research report on Monday, April 25th. Truist Financial dropped their price target on shares of Boyd Gaming from $90.00 to $80.00 and set a “buy” rating on the stock in a research note on Wednesday, July 20th. Stifel Nicolaus dropped their price target on shares of Boyd Gaming from $84.00 to $73.00 in a research note on Wednesday. Finally, Susquehanna Bancshares upgraded shares of Boyd Gaming from a “neutral” rating to a “positive” rating and lifted their target price for the company from $73.00 to $74.00 in a research note on Tuesday, April 26th. One investment analyst has rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $74.91.

Boyd Gaming Company Profile

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Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company. It operates through three segments: Las Vegas Locals, Downtown Las Vegas, and Midwest & South. As of December 31, 2021, the company operated 28 gaming entertainment properties located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania.